5 February 2013

Ethiopia: 10 Percent Economic Growth Over the Last Two Years

The Ministry of Finance and Economic Development has announced that Ethiopia's economic growth performance during the past two years of the Growth and Transformation Plan has averaged 10%.

The State Minister, Dr. Abraham Tekeste, in an interview on state television added that growth in the remaining three years of the Plan will also reach double digit figures with the activities being implemented from now until the end of the Plan.

According to Dr. Abraham in the last financial year 2011/12 (2004 E.C) Ethiopia's economy showed 8.5% growth, with the agriculture sector seeing 4.9 % growth and the industry and service sectors registering 13.6% and 11.1% growth respectively. During the year, the country registered a national savings rate of 16%, surpassing the 15% target set by the Plan.

Investment rose by 6.7% percent from 27.9% to 34.6%. Dr. Abraham said that the year's economic performance indicated that Ethiopia was continuing with its rapid economic development it has seen over the past decade, registering an average growth of 11% for nine consecutive years, since 1996 E.C. It is continuing to produce a growth rate far better than the Sub-Saharan average of 5% to 6%. Ethiopian gross domestic product is now estimated to have reached 737 billion birr, and the per capita income grew from US$387 dollars in 2003 E.C to US$513 dollars in 2004 E.C.

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